28 Apr 2014
EUR/GBP is torn between strong euro, and even stronger pound
FXStreet (Moscow) - EUR/GBP opened the week at 0.8234, and after failed attempt to break above 0.8240 rushed back reaching 0.8217 session low, and started the recovery to 0.8230 by the moment.
Clash of titans
And again it’s going to be the clash of the European titans with the CPI from euro zone, and the GDP from the UK defining the demand of the sterling and the euro. The chances are skewed to the stronger reading from the EMU region with the pound to suffer. Thus, another attack at strong resistance around 0.8250 area is not ruled out. But it will be on Tuesday, and Wednesday. Today the economic calendar is practically barren, thus, leaving the pair to move under market sentiment, and we already got good catalyst in for, of the Pfizer deal. The stronger demand on the pound in the morning helped the pair come closer to support at 0.8223, and if it will be broken, wait for the move to 0.8212 support.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8233, with support below at 0.8223, 0.8212 and 0.8202, with resistance above 0.8244, 0.8254, and 0.8265. Hourly Moving Averages are largely bullish, with the 200SMA at 0.8229 and the daily 20EMA bearish at 0.8251. Hourly RSI is bullish at 60.
Clash of titans
And again it’s going to be the clash of the European titans with the CPI from euro zone, and the GDP from the UK defining the demand of the sterling and the euro. The chances are skewed to the stronger reading from the EMU region with the pound to suffer. Thus, another attack at strong resistance around 0.8250 area is not ruled out. But it will be on Tuesday, and Wednesday. Today the economic calendar is practically barren, thus, leaving the pair to move under market sentiment, and we already got good catalyst in for, of the Pfizer deal. The stronger demand on the pound in the morning helped the pair come closer to support at 0.8223, and if it will be broken, wait for the move to 0.8212 support.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8233, with support below at 0.8223, 0.8212 and 0.8202, with resistance above 0.8244, 0.8254, and 0.8265. Hourly Moving Averages are largely bullish, with the 200SMA at 0.8229 and the daily 20EMA bearish at 0.8251. Hourly RSI is bullish at 60.